Buyer closing in on Red Star
Tuesday 11 December 2012
Aquiline Capital Partners, a private-equity firm led by the son of former AIG boss Hank Greenberg, is in the driving seat to buy Lloyd's of London insurer Equity Red Star.
The company is closing in on a deal after entering into exclusive talks with Equity's owner Insurance Australia Group (IAG).
Edi Truell, the founder of private-equity house Duke Street, had been granted preferred bidder status for the motor insurer but talks between IAG and his Tungsten vehicle collapsed over a disagreement linked to Equity's historic liabilities.
Equity, which has been valued at up to £100m, has been hit by mounting personal injury claims over the past few years. In January, it narrowly avoided a £1m fine by Lloyd's following an investigation into its underwriting standards.
It was ordered to pay £95,000 towards the costs of the investigation, having admitted two charges of "detrimental conduct". The charges related to losses incurred by the underwriting syndicate.
Aquiline could not be reached for comment. An IAG spokesman confirmed that the company "remains in discussions about the potential sale of its UK business".
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Holborn fire: Chaos as 2,000 people evacuated to escape toxic smoke filling central London
University of Cambridge: Remains of 1,300 scholars are found under building
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...